HomeMy WebLinkAboutNo. 0973 amending Resolution No. 968 in connection with lease dated as of 8-1-90 between the SBRC and SBRA relating to AEDA public improvement project (tax-exempt improvements)RESOLUTION NO. 973
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AMENDING RESOLUTION NO. 968 IN CONNECTION WITH THE
LEASE DATED AS OF AUGUST 1, 1990 BETWEEN THE
SOUTH BEND REDEVELOPMENT COMMISSION AND THE
SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE
AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC
IMPROVEMENT PROJECT (TAB - EXEMPT IMPROVEMENTS)
WHEREAS, the South Bend Redevelopment Authority (the
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"Authority ") has been created pursuant to IC 36 -7 -14.5 as a
separate body, corporate and politic, and as an instrumentality of
the City of South Bend to finance local public improvements for
lease to the South Bend Redevelopment Commission (the
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"Commission "); and
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.,, WHEREAS, the Authority has previously indicated its
intent to issue bonds in the aggregate amount of Two Million Three
Hundred Fifty -Five Thousand Dollars ($2,355,000) pursuant to
IC 36 -7- 14.5 -19 to be known as the "South Bend Redevelopment
Authority Lease Rental Revenue Bonds (Airport Economic Development
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Area Public Improvement Project) (the "Bonds "), the proceeds of
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which are to be used to finance certain land and public
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improvements (the "Improvements "), and to pay the costs of issuance
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of the Bonds; and
WHEREAS, the Authority intends to lease the Improvements
to the Commission pursuant to a lease dated as of August 1, 1990
(the "Lease "), which Lease was heretofore approved by this
Commission; and
WHEREAS, the Commission has previously established
certain funds and accounts for the payment of the rentals owed by
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the Commission pursuant to said Lease pursuant to Resolution
No. 968, adopted on December 21, 1990 and entitled "Resolution of
the South Bend Redevelopment Commission Establishing Certain Funds
and Accounts in Connection with the Lease Dated as of August 1,
1990 Between the South Bend Redevelopment Commission and the South
Bend Redevelopment Authority Relating to the Airport Economic
Development Area Public Improvement Project (Tax - Exempt
Improvements) and Other Related Matters" (the "Pledge Resolution ");
and
WHEREAS, the Commission now finds it necessary to make
a certain amendment to the Pledge Resolution;
NOW, THEREFORE, BE IT RESOLVED, by this South Bend
Redevelopment Commission as follows:
Section 1. The first sentence of Section 2 of the Pledge
Resolution is hereby amended to read as follows:
Section 2. The Commission shall levy in each
calendar year beginning in the year prior to the first
calendar year in which the Commission is required to pay lease
rentals pursuant to the Lease, a special tax upon all of the
taxable property in the City of South Bend Redevelopment
District in a total amount sufficient, together with all funds
in the Airport Economic Development Area Public Improvement
Project Principal and Interest Account deposited into such
account from any other sources (other than such special taxes)
or anticipated to be deposited into such account from any
other sources (other than such special taxes) through the end
of the following calendar year, to pay all lease rental
payments payable in the 12 -month period beginning on July 1
of the following calendar year pursuant to Section 4 of the
Lease.
Section 2. All other terms and conditions of the Pledge
Resolution shall remain in full force and effect.
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Section 3. This Resolution shall be in full force and
effect after its adoption by the Commission.
ADOPTED at a meeting of the South Bend Redevelopment
Commission held on January 11, 1991 at the office of the
Commission, at 1200 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
Paula N. Auburn, President
ATTEST:
Michael Donoho, Secretary
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